Property Share Investment Trust, India's first Small and Medium Real Estate Investment Trust (SM REIT), has submitted its draft papers for an initial public offering (IPO) of its PropShare Platina scheme, aiming to raise ₹353 crore. The IPO is a fresh issue, with no offer-for-sale component, and the funds will be directed mainly toward acquiring the Prestige Tech Platina property in Bengaluru.
SM REITs, a newly regulated asset class introduced by SEBI, focus on real estate assets valued between ₹50 crore and ₹500 crore. These REITs are required to distribute 95% of their income to investors, making them an appealing choice for those looking for steady returns. The PropShare Platina scheme features 246,935 square feet of office space within the Prestige Tech Platina complex, which is leased to a US-based tech company under a nine-year agreement. The lease terms include a 15% rent increase every three years.
Investors in the PropShare Platina scheme are expected to receive a 9% distribution yield by FY26. Property Share was founded by real estate veterans Kunal Moktan and Hashim Khan. Together with their senior leadership team, which has 62 years of combined industry experience, they aim to expand the SM REIT market in India.
Through this IPO, Property Share seeks to establish itself as a leader in India's emerging SM REIT segment, providing investors with access to medium-sized real estate assets.
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